BP Under Investigation -- Again

The U.S. Commodity Futures Trading Commission is filing charges against BP in connection with trades made in unleaded gas futures on a single day four years ago. This is the latest in a series of investigations into BP's U.S. business that have been conducted by regulators over the past two years. The company's trading desk has come under particularly close scrutiny. BP is cooperating with the investigation and denies any wrongdoing. It is also under investigation for an oil spill in Alaska this year, an explosion last year at a Texas refinery that killed 15 people, and an alleged manipulation of propane prices in 2004. BP is also suspected of "trading irregularities" in over-the-counter crude. • Sources: New York Times• Related commentary: Down in the Dumps with BP, BP's Budget Cuts and Ignored Warnings May Have Played Role in Explosion, Fuel For Thought: Which Integrated Oil Company Should You Own?• Potentially impacted stocks and ETFs: BP plc (NYSE:BP), BLDRS Europe 100 ADR Index (NASDAQ:ADRU), iShares NYSE Composite Index (NYSEARCA:NYC)

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